List of securities examinations

Short description: none

The following is a list of securities examinations and the organizations that offer them.

## Contents

* 1 Africa
* 2 Asia Pacific (ASEAN Plus Three)
* 2.1 Indonesia
* 2.2 Singapore
* 2.3 Malaysia
* 2.4 China
* 2.5 Hong Kong, S.A.R.
* 2.6 India
* 2.7 Japan
* 2.8 Philippines
* 2.9 Thailand
* 2.10 Cambodia
* 3 Global
* 4 The Middle East
* 5 North America
* 5.1 Canada
* 5.2 United States
* 5.2.1 Registered representative level
* 5.2.2 Registered principal level
* 6 Latin America
* 6.1 Brazil
* 6.2 Costa Rica
* 7 Europe
* 8 See also
* 9 References
* 10 External links

## Africa

* The Securities Industry Training Institute East Africa (SITI) was conceptualized in 2008 to standardize and administer market education for the East African region. It is a joint effort involving the region's Central Depository & Settlement Corporation Ltd (CDSC) and the following exchanges:
* Uganda Securities Exchange Ltd (USE)
* Kenya's Nairobi Securities Exchange Ltd (NSE)
* Tanzania's Dar-es-Salaam Stock Exchange Ltd (DSE)
* the Rwanda Stock Exchange.
* Ethiopia Institute of Financial Studies (EIFS) training program
* Ghana Stock Exchange (GSE) Securities Courses
* Namibia Stock Exchange (NSX) semi-annual Stock-brokering Exams
* Nigerian Stock Exchange (NSE) offers a few certificate programs including:
* Module 1: The role and responsibilities of compliance officers in the capital market
* Module 2: Compliance risk-based monitoring programmes
* Module 3: Conduct of business obligations of a broker dealer firm
* Module 4: Anti–money laundering and terrorist financing
* Module 5: Capital market operations
* South Africa:
* The South African Institute of Financial Markets (SAIFM)[1] offers the specific technical exams[2] required with regard to the "Regulated Positions"[3] of trader, compliance officer, and settlement officer, at the JSE Stock Exchange, JSE Debt Market, South African Futures Exchange, AltX, and STRATE.
* SAIFM also offers the "Registered Persons" examinations,[4] required for licensing as financial market "practitioners" on the various exchanges, selecting up to 8 according to the requirements of the exchange for the specific function; the typical roles here are investment advisor and fund manager, as well as those executing transactions. (Additional to these, it offers various training courses and workshops.[5])
* The South African Institute of Stockbrokers[6] administers the six exams required to become a qualified stockbroker, so as to manage a member firm of the JSE; other requirements are 3 years' work experience, and specified education.

## Asia Pacific (ASEAN Plus Three)

### Indonesia

* Indonesia Stock Exchange (IDX) Educational Programs
* IDX Basic Education Program
* IDX Intermediate Education Program
* IDX Advance Education Program
* The Indonesia Capital Market Institute (TICMI) / The Committee For Capital Market Professional Standards (PSPPM)
* Wakil Perantara Pedagang Efek (WPPE) / Broker Dealer Representative
* Wakil Manajer Investasi (WMI) / Investment Manager Representative
* Wakil Penjamin Emisi Efek (WPEE) / Underwriter Representative
* Ahli Syariah Pasar Modal (ASPM) / Shariah Capital Market Professional

### Singapore

* Singapore College of Insurance (SCI)

### Malaysia

The Securities Commission of Malaysia (Suruhanjaya Sekuriti Malaysia) provides an overview of licensing/certification in the country for those who deal in securities, derivatives, financial planning, etc.

For actual exam detail, see SIDC

* Module 6: Stock Market and Securities Law
* Module 7: Financial Statement Analysis and Asset Valuation
* Module 9: Funds Management Regulation
* Module 10: Asset and Funds Management
* Module 11: Fundamentals of Compliance
* Module 12: Investment Management and Corporate Finance
* Module 14: Futures and Options
* Module 16: Rules and Regulations of Futures and Options
* Module 17: Securities and Derivatives Trading (Rules and Regulations)
* Module 18: Securities and Derivatives Trading (Products and Analysis)
* Module 19: Advisory Services (Rules and Regulations)
* Module 19A: Advisory Services (Rules and Regulations) - Part A
* Module 19B: Advisory Services (Rules and Regulations) - Part B

### China

* ATA

For Futures Practitioners:

* China Futures Association
* Futures Practitioner Exam
* Futures Analyst Exam

### Hong Kong, S.A.R.

* The Hong Kong Securities and Investment Institute (HKSI)
* Joint Programs with HKSI
* Hong Kong Exchanges and Clearing Limited (HKEx)
* The Chartered Institute for Securities & Investment (CISI)
* The Hong Kong Polytechnic University
* The City University of Hong Kong

### India

* National Institute of Securities Markets
* National Stock Exchange of India NCMP Certified Market Professional
* Bombay Stock Exchange Training & Certification

### Japan

* Core Knowledge Inc
* Japanese Securities Dealers Association (JSDA)
* FINRA Series 47

### Philippines

* Securities Representative Certification Exam (SRCE)
* Associated Persons Certification Exam (APCE)
* The Investment Company Representative Certification Program (ICRCP)

### Thailand

* Securities Analysts Association (SAA)

### Cambodia

* Financial Institute of Cambodia (FIC)

## Global

* ACI The Financial Markets Association, f.k.a. Association Cambiste Internationale, offers a full 'suite of examinations' including Dealing & Operations certificates, among others
* CFA Institute
* Certified Futures and Options Analyst (CFOA), an examination focused on derivatives offered by the ICFDT.
* Securities & Investment Institute (SII) for Islamic/Syariah Finance
* Thomson Reuters

## The Middle East

* The Israel Securities Authority requires six exams and an internship to become a portfolio manager. Exams:
* Securities Law and Ethics
* Accounting
* Statistics and Finance
* Economics
* Securities and Financial Instrument Analysis
* Portfolio management
* Capital Market Authority (Saudi Arabia)
* General Securities Qualification Examination (CME-1)
* Compliance & Anti–money laundering/CTF (CME2)
* Broker-Dealer Qualification Certificate (CME-3)
* Various courses for The U.A.E. (Dubai, Abu Dhabi), Kuwait, Bahrain, Saudi Arabia

## North America

### Canada

* Canadian Securities Institute (CSI) – variety of exams for certification.
* IFSE Institute (IFSE) – variety of exams for certification.

### United States

The following is a list of the U.S. Financial Industry Regulatory Authority (FINRA), NASAA, and National Futures Association (NFA) financial securities examinations. Most FINRA examinations are divided into two categories: Registered Representative and Registered Principal levels. An asterisk designates that there is no sponsorship requirement in order take the exam.

#### Registered representative level

* SIE – Securities Industry Essentials Exam*
* Series 00 – General Securities Principal Exam (Discontinued)
* Series 1 – Registered Representative Exam (Discontinued)
* Series 2 – Non-Member General Securities Exam (Discontinued)
* Series 3 – National Commodities Futures Exam*
* Series 5 – Interest Rate Options Exams
* Series 6 – Investment Company and Variable Contracts Exam (Mutual Funds Broker/Variable Annuities)
* Series 7 – General Securities Representative Exam (Stockbroker)
* Series 11 – Assistant Representative – Order Processing
* Series 15 – Foreign Currency Options Exam
* Series 17 – United Kingdom Securities Representative Exam
* Series 22 – Direct Participation (Limited partnerships) Exam
* Series 30 – NFA Branch Manager Exam
* Series 31 – Futures – Managed Funds Exam*
* Series 32 – Limited Futures Exam - Regulations
* Series 37 – Canada Securities Representative Exam - With Options
* Series 38 – Canada Securities Representative Exam - No Options
* Series 42 – Registered Options Representative Exam
* Series 44 – NYSE Arca Options Market Maker Exam
* Series 47 – Japanese Module of the General Securities Exam
* Series 50 – Municipal Advisor Representative Exam
* Series 52 – Municipal Securities Representative Exam
* Series 55 – Equity Trader – Limited Representative Exam
* Series 56 – Proprietary Trader Qualification Exam
* Series 57 – Securities Trader Qualification Exam[7]
* Series 62 – Corporate Securities – Limited Representative Exam (Discontinued)
* Series 63 – Uniform Securities Agent State Law Exam*
* Series 65 – Uniform Investment Adviser Law Exam*
* Series 66 – Uniform Combined State Law Exam (Combined 63 and 65)*
* Series 72 – Government Securities – Limited Representative
* Series 79 – Investment Banking Exam
* Series 82 – Private Securities Offerings – Limited Representative
* Series 86 – Research Analyst – Securities Analysis [8]
* Series 87 – Research Analyst – Regulations[8]
* Series 99 – Operations Professional

#### Registered principal level

* Series 4 – Registered Options Principal Exam
* Series 8 – General Securities Sales Supervisor Exam – Options Module & General Module (Discontinued)
* Series 9 – General Securities Sales Supervisor Exam – Options
* Series 10 – General Securities Sales Supervisor Exam – General Module
* Series 12 – NYSE Branch Manager
* Series 14 – NYSE Compliance Officer
* Series 14A – NYSE DMM Compliance Official Examination
* Series 16 – NYSE Supervisory Analyst
* Series 23 – General Securities Principal (Upgrade from Series 9 and 10)
* Series 24 – General Securities Principal Exam
* Series 26 – Investment Company and Variable Contracts Products Principal Exam
* Series 27 – Financial and Operations Principal Exam
* Series 28 – Financial and Operations Principal Introducing Broker Exam
* Series 39 – Direct Participation Programs Principal Exam
* Series 51 – Municipal Fund Securities Limited Principal
* Series 53 – Municipal Securities Principal Exam

## Latin America

### Brazil

Issued by ANBIMA (Brazilian Association of Financial and Capital Markets):

* CPA-10 (Securities Representative - for Retail Investors)
* CPA-20 (Securities Representative - for Qualified Investors)
* CEA (Retail Account Financial Advisor)
* CGA (Professional Portfolio Management)
* AAI (Autonomous Investment Agent)

Issued by APIMEC (Brazilian Association of Investment and Capital Markets Professionals):

* CNPI (Fundamental Securities Research) [Required for all fundamental sell-side research analysts]
* CNPI-T (Technical Securities Research) [Required for all technical sell-side research analysts]
* CNPI-P (Fundamental and Technical Securities Research)

### Costa Rica

* Securities broker license
* Operator and promoter in currency derivatives

## Europe

* Irish Stock Exchange Xetra Exam
* Chartered Institute for Securities & Investment (CISI) (United Kingdom)
* The Finnish Society of Financial Analysts
* Courses & Seminars in English, offered by Oslo Stock Exchange
* Courses & Seminars in Norwegian/Norsk, offered by Oslo Stock Exchange
* SwedSec Licensiering AB, subsidiary of the Swedish Securities Dealers Association
* The European Federation of Financial Analysts Societies

## See also

* Registered Representative
* Registered Investment Advisor

## References

1. ↑ The South African Institute of Financial Markets, saifm.co.za
2. ↑ "Guide to Examinations and Regulatory Recognition". https://saifm.co.za/site/wp-content/uploads/2023/02/Guide-August-2022.pdf.
3. ↑ "Recognition of Exams – SAIFM". https://saifm.co.za/careers/.
4. ↑ Registered Persons Examinations, saifm.co.za
5. ↑ workshops, saifm.co.za
6. ↑ South African Institute of Stockbrokers, sais.co.za
7. ↑ "Series 57 - Securities Trader Representative Exam | FINRA.org". http://www.finra.org/industry/series57.
8. ↑ 8.0 8.1 "Research Analyst Qualification Examinations". https://www.finra.org/sites/default/files/Series_86-87_Content_Outline.pdf.

## External links

* SEC
* NYSE
* FINRA
* South African Institute of Financial Markets

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